LESSON 1 (Identification, Complete the sentence)

Question 1

~creating a plan to spend your money.
~fundamental step in achieving financial literacy,
and by extension, reaching financial security and freedom.
~process of creating a plan to spend and invest your hard earned money wisely to meet your personal and financial goals in life.

Answer 1

BUDGETING

Question 2

spending less than you are earning as you plan for your financial goals.

Answer 2

GOOD BUDGETING

Question 3

money that an individual or business receives in
exchange for providing labor, producing a good or service, or through investing capital. Individuals most often earn income through wages or salary. Businesses earn income from selling goods or services above their cost of production.

Answer 3

INCOME

Question 4

amount of money that is given to someone/children regularly or for a specific purpose by their parents.

Answer 4

ALLOWANCE

Question 5

~Money spent or cost incurred in an organization’s efforts to generate revenue, representing the cost of doing business.
~may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) or an asset, or an amount taken out of earnings (such as bad debts).
~can also be in a simple form of payments for transportations, school supplies, meals, load and etc. for students.

Answer 5

EXPENSES

Question 6

excess of income/allowance over expenses.

Answer 6

SAVINGS

Question 7

encyclical letter of His Holiness, Pope Francis to all people, regardless of our religious affiliations- that is to take care of our common home, the Earth.

Answer 7

LAUDATO SI

Question 8

WHAT ARE THE FOLLOWING CALLED?

1. TRACK your allowance or finance
2. THINK bout the Long-Term Benefits and Drawbacks of Spending
3. ONLY put money on your credit card if you can afford to pay it off each month
4. STOP trying to impress other people
5. FIGURE OUT what habits drain your budget
6. Learn to value savings over products
7. START investing early

Answer 8

SEVEN WAYS ON HOW TO SPEND MONEY WISELY

Question 9

____ your allowance or finance

Answer 9

TRACK

Question 10

___ bout the Long-Term Benefits and Drawbacks of Spending

Answer 10

THINK

Question 11

___ put money on your credit card if you can afford to pay it off each month

Answer 11

ONLY

Question 12

___ trying to impress other people

Answer 12

STOP

Question 13

___ what habits drain your budget

Answer 13

FIGURE OUT

Question 14

___ to value savings over products

Answer 14

LEARN

Question 15

___ investing early

Answer 15

START